San Diego-based Arena Pharmaceuticals said today it is spending $55.8 million in cash to buy back all of its outstanding convertible stock. The company (NASDAQ: [[ticker:ARNA]]) expects to buy the shares on Nov. 13, it said in a statement. Arena, the developer of lorcaserin for obesity, now expects to finish the year with $115 million in cash and investments instead of the $160 million it had forecasted earlier. The company is also taking steps to cut spending on clinical and preclinical study fees, it said.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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